class="x-ebookmaker-pageno" title="[Pg xxiv]" id="pgepubid00026"/>major part of all "check deposits" in New York City
348-353 |
| New York as "clearing house" for United States: extent of, and influence of on New York clearings, much overestimated; bulk of New York clearings and New York "deposits" grow out of New York business |
353-361 |
| Index of variation for M´V´ wrongly weighted; V´ wrongly calculated for all years; which upsets calculation of V |
361-363 |
| Volume of trade: greatly exaggerated by bank transactions, which include vast deal of duplications in checks, loans and repayments, etc. |
363-368 |
| Fisher's reply; undercounting offsets overcounting |
368-369 |
| Main items of undercounting in clearing houses of speculative exchanges; measurement of, in New York Stock Exchange, and Chicago Board of Trade; swamped by call loan transactions, which exceed security sales |
369-381 |
| Price-indexes of Kemmerer and Fisher, dominated by wholesale prices, have no relevance to their "equations of exchange" |
381-383 |
| In general, their figures bury speculation and New York City |
383 |
